Cattle Current Daily—Jan. 23, 2024

Cattle Current Daily—Jan. 23, 2024

Cattle futures faded early pressure to close narrowly mixed Monday. Despite the neutral Cattle on Feed report, reasons for skittishness included anemic cash fed cattle trade at static prices.

Feeder Cattle futures closed from an average of 44¢ lower in the front three contracts to an average of 24¢ higher.

Live Cattle futures closed from an average of 27¢ lower in the front five contracts to an average of 31¢ higher.

Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.

FOB live prices last week were $1.50 higher in the Texas Panhandle at $173.50/cwt., $1 higher in Kansas at $173, and steady in the North at $173 in Nebraska and $175 in the western Corn Belt. Dressed delivered prices were unevenly steady in the Nebraska at $273-$274 and $1-$2 lower in the western Corn Belt at $273-$274.

Last week’s weighted average five-area direct FOB live steer price was 29¢ higher at $173.76/cwt. The weighted average dressed delivered steers price was 19¢ higher at $273.89.

Choice boxed beef cutout value (p.m.): $3.17 higher at 298.67/cwt. Select was $3.53 higher at $286.58/cwt.

Soybean futures closed mostly 6¢ to 7¢ higher.

Corn futures closed fractionally higher to 1¢ higher.

KC HRW Wheat futures closed mostly fractionally higher.

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Major U.S. financial indices closed higher Monday on follow-through support.

The Dow Jones Industrial Average closed 138 points higher. The S&P 500 closed 10 points higher. The NASDAQ was up 49 points.

West Texas Intermediate Crude Oil futures (CME) closed $1.56 to $1.78 higher through the front six contracts.

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Major U.S. financial indices closed higher Monday on follow-through support.

The Dow Jones Industrial Average closed 395 points higher. The S&P 500 closed 58 points higher. The NASDAQ was up 255 points.

West Texas Intermediate Crude Oil futures (CME) closed 67¢ to 71¢ lower through the front six contracts.

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Between year-end holidays and widespread severe winter weather in the new year, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University says it will likely take another week or two to sort out both beef demand and supply conditions. That assumes no further disruptions.

Peel notes in his weekly market comments boxed beef markets decreased the first week of January as retailers assessed holiday markets and sorted out post-holiday beef pipelines. Suspended packer production, tied to the weather pushed wholesale beef prices higher.

As the new year began, analysts with the Livestock Marketing Information Center (LMIC) explain prices for wholesale 50% fresh lean beef trimmings were $144/cwt. less (-72%) than during the summer.

“Wholesale 50% lean beef trimming prices dropped below the five-year average at the end of October after soaring most of the year,” say LMIC analysts, in the latest Livestock Monitor. “For the last nine weeks, these prices have been below the five-year average by 8% to 25%. This level of decline is somewhat concerning given November and December fed cattle slaughter was down 4% from 2022, indicating significantly smaller supplies.”

2024-01-22T18:43:32-06:00

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